Honorable Brian Birdwell, Chair, Senate Committee on Natural Resources & Economic Development
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
SB728 by Kolkhorst (Relating to the verification of information provided to the comptroller and contained in reports on compliance with agreements under the Texas Economic Development Act.), As Introduced
No fiscal implication to the State is anticipated.
The bill would amend Section 313.032 of the Tax Code to require any recipient or former recipient of a Chapter 313 limitation to contract with an independent certified public accountant to verify data submitted by the recipient or former recipient to the Comptroller's office under Section 313.032(a)(2).
Companies submitting information to the Comptroller for the biennial report required by Tax Code Section 313.032 are currently required to attest to the accuracy of the data submitted, and certify such data. This bill would require applicants to contract with an independent certified public accountant to verify data submitted to the Comptroller's office.
The bill would take effect September 1, 2019.
Local Government Impact
No fiscal implication to units of local government is anticipated.